Gilmore and Carlson on Secured Lending : Claims in Bankruptcy


Gilmore and Carlson on Secured Lending : Claims in Bankruptcy



Enormous revolutions have occurred in commercial law since the publication of the landmark GILMORE ON SECURITY INTERESTS IN PERSONAL PROPERTY. In this new edition, The author analyzes the law of secured credit under federal bankruptcy law. He presents an exhaustive and authoritative analysis of secured claims in bankruptcy since even secured creditors cannot rely passively on their relatively privileged status but must avoid potential pitfalls to recovery and actively pursue all available assets of the debtor. Virtually all of the material is new to this revision since secured creditors were largely immune from bankruptcy administration prior to 1978. Secured interests are now enforced in bankruptcy proceedings far more than anywhere else. Moreover, bankruptcy law does not adhere to a distinction between real and personal property. In Part I the authors cover the avoidance powers of a bankruptcy trustee against security interests otherwise good under state law. Among the topics covered are voidable preferences, commingled bank accounts, lapsed perfection, and exempt property. Part II begins the discussion of the administrative treatment of a secured claim once it is established as valid in bankruptcy. Topics included are liquidation and reorganization, reinstatement and cure, special status of airplanes, redemption and affirmation, automatic stay, proofs of claim, adequate protection and cash collateral. Part III concludes with analysis of after-acquired property and proceeds, proceeds and voidable preferences, power of sale, surcharge, post petition secured credit, 'double elevens,' classification veto, equity cushions, post petition interest rates, and fees, costs, and charges. Gilmore and Carlson on Secured Lending: Claims in Bankruptcy will enable practitioners to serve the interests of their creditor clients more effectively by recovering the maximum amount possible from any bankruptcy proceeding.

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Aspen Law and Business

Gilmore and Carlson on Secured Lending : Claims in Bankruptcy